A-shares opened lower and traded down into the morning; ChiNext (GEM) fell more
than 2% intraday before recovering to a midday close down 1.07%. Shanghai
Composite rose 0.16%, Shenzhen Composite fell 0.18%. Combined turnover at the
half-day was 970.7 bln yuan, up 8.1 bln from the prior session. More than 3,800
stocks declined. Banks outperformed; Industrial and Commercial Bank of China
shares hit a record high. CPO-related names rebounded: Tianyang New Materials
hit the daily limit and Sihui Fuji gained over 16%. PCB names rallied, with Kent
up about 20% to its limit. Film-theater stocks weakened; Huanrui Century and
Bona Film were among the largest decliners. Real estate, CRO and dairy sectors
were among the biggest losers, while baijiu stocks advanced.